Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Jun. 29, 2022 | Sep. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity File Number | 000-50547 | ||
Entity Registrant Name | SUNDANCE STRATEGIES, INC. | ||
Entity Central Index Key | 0001171838 | ||
Entity Tax Identification Number | 88-0515333 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 4626 North 300 West | ||
Entity Address, Address Line Two | Suite No. 365 | ||
Entity Address, City or Town | Provo | ||
Entity Address, State or Province | UT | ||
Entity Address, Postal Zip Code | 84604 | ||
City Area Code | (801) | ||
Local Phone Number | 717-3935 | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | SUND | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 103,208,050 | ||
Entity Common Stock, Shares Outstanding | 41,408,441 | ||
Documents Incorporated by Reference [Text Block] | None | ||
Auditor Firm ID | 3627 | ||
Auditor Name | Sadler, Gibb & Associates, LLC | ||
Auditor Location | Draper, UT |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 267,966 | $ 21,179 |
Prepaid expenses and other assets | 8,167 | 9,393 |
Total Current Assets | 276,133 | 30,572 |
Current Liabilities | ||
Accounts payable | 580,972 | 893,675 |
Accrued expenses | 354,205 | 215,443 |
Notes payable | 300,000 | |
Current portion of notes payable, related parties | 876,000 | 826,000 |
Stock repurchase payable | 400,000 | 400,000 |
Total Current Liabilities | 2,511,177 | 2,335,118 |
Long-Term Liabilities | ||
Accrued expenses | 666,015 | 495,708 |
Notes payable, related parties, net of current portion | 2,125,808 | 1,915,808 |
Total Long-Term Liabilities | 2,791,823 | 2,411,516 |
Total Liabilities | 5,303,000 | 4,746,634 |
Stockholders’ Deficit | ||
Preferred stock, authorized 10,000,000 shares, par value $0.001; -0- shares issued and outstanding | ||
Common stock, authorized 500,000,000 shares, par value $0.001; 41,408,441 and 40,108,441 shares issued and outstanding as of March 31, 2022 and 2021, respectively | 41,409 | 40,109 |
Additional paid in capital | 27,181,618 | 24,728,638 |
Accumulated deficit | (32,249,894) | (29,484,809) |
Total Stockholders’ Deficit | (5,026,867) | (4,716,062) |
Total Liabilities and Stockholders’ Deficit | $ 276,133 | $ 30,572 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 41,408,441 | 40,108,441 |
Common stock, shares outstanding | 41,408,441 | 40,108,441 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Income from Investments | ||
General and Administrative Expenses | 690,709 | 907,978 |
Loss from Operations | (690,709) | (907,978) |
Other Income (Expense) | ||
Gain (loss) on extinguishment of debt | (1,869,971) | 26,458 |
Gain on settlement of liabilities | 285,192 | |
Interest expense | (287,687) | (225,296) |
Financing expense | (197,761) | (422,751) |
Total Other Expense | (2,070,227) | (621,589) |
Loss Before Income Taxes | (2,760,936) | (1,529,567) |
Income Tax Provision (Benefit) | 4,149 | |
Net Loss | $ (2,765,085) | $ (1,529,567) |
Loss per share - basic and diluted | $ (0.07) | $ (0.04) |
Weighted average shares outstanding - basic and diluted | 41,218,263 | 38,904,715 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Mar. 31, 2020 | $ 37,829 | $ 24,191,224 | $ (27,955,242) | $ (3,726,189) |
Beginning balance, shares at Mar. 31, 2020 | 37,828,441 | |||
Common stock issued for consulting services | $ 280 | 5,964 | 6,244 | |
Common stock issued for consulting services, shares | 280,000 | |||
Common stock issued for director compensation | $ 1,500 | 31,950 | 33,450 | |
Common stock issued for director compensation, shares | 1,500,000 | |||
Common stock issued for cash | $ 500 | 499,500 | 500,000 | |
Common stock issued for cash, shares | 500,000 | |||
Net loss | (1,529,567) | (1,529,567) | ||
Ending balance, value at Mar. 31, 2021 | $ 40,109 | 24,728,638 | (29,484,809) | (4,716,062) |
Ending balance, shares at Mar. 31, 2021 | 40,108,441 | |||
Common stock issued for director compensation | $ 1,200 | 72,720 | 73,920 | |
Common stock issued for director compensation, shares | 1,200,000 | |||
Net loss | (2,765,085) | (2,765,085) | ||
Common stock and warrants issued for cash | $ 100 | 499,900 | 500,000 | |
Common stock and warrants issued for cash, shares | 100,000 | |||
Warrants issued in connection with debt issuances | 40,211 | 40,211 | ||
Warrants issued in connection to extinguishment of debt | 1,840,149 | 1,840,149 | ||
Ending balance, value at Mar. 31, 2022 | $ 41,409 | $ 27,181,618 | $ (32,249,894) | $ (5,026,867) |
Ending balance, shares at Mar. 31, 2022 | 41,408,441 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net Loss | $ (2,765,085) | $ (1,529,567) |
Adjustments to reconcile to net cash used in operating activities: | ||
Share based compensation - common stock | 73,920 | 39,694 |
Expense paid on behalf of Company by director | 7,000 | |
Gain on settlement of liabilities | (285,192) | |
Loss (gain) on extinguishment of debt | 1,869,971 | (26,458) |
Amortization of debt discount | 10,389 | |
Changes in operating assets and liabilities | ||
Prepaid expenses and other assets | 1,226 | (7,188) |
Accounts payable | (27,511) | 411,959 |
Accrued expenses | 309,069 | 286,197 |
Net Cash used in Operating Activities | (813,213) | (818,363) |
Financing Activities | ||
Proceeds from issuance of notes payable, related party | 260,000 | 284,300 |
Proceeds from issuance of notes payable | 300,000 | |
Common stock issued for cash | 500,000 | 500,000 |
Proceeds from Paycheck Protection Program loan | 26,458 | |
Debt issuance costs | ||
Net Cash provided by Financing Activities | 1,060,000 | 810,758 |
Net Change in Cash and Cash Equivalents | 246,787 | (7,605) |
Cash and Cash Equivalents at Beginning of Period | 21,179 | 28,784 |
Cash and Cash Equivalents at End of Period | 267,966 | 21,179 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non Cash Financing & Investing Activities, and Other Disclosures | ||
Issued warrants as debt issuance costs | $ 40,211 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Sundance Strategies, Inc. (formerly known as Java Express, Inc.) was organized under the laws of the State of Nevada on December 14, 2001, and engaged in the retail selling of beverage products to the general public until these endeavors ceased in 2006; it had no material business operations from 2006, until its acquisition of ANEW LIFE, INC. (“ANEW LIFE”), a subsidiary of Sundance Strategies, Inc. (“Sundance Strategies”, “the Company”, “we” or “our”). Our historical business model has focused on purchasing or acquiring life insurance policies and residual interests in or financial products tied to life insurance policies, including notes, drafts, acceptances, open accounts receivable and other obligations representing part or all of the sales price of insurance, life settlements and related insurance contracts being traded in the secondary marketplace, often referred to as the “life settlements market.” During the latter part of the fiscal year ended March 31, 2021, the Company began developing an additional business offering, providing professional services to specialty structured finance groups, bond issuers and life settlement aggregators. The Company has now assembled an experienced team from the life settlement marketplace, as well as from other areas such as financial services and public financial markets. As a professional services provider, the Company applies industry best practices to advise on the selection of specific portfolios of life insurance policies that are tailored to meet the needs of its clients. The Company’s clients may include bond issuers, bond investors, or other structured finance product issuers. The Company develops strategies and methodologies which include the acquisition of life insurance portfolios, then uses common structured finance techniques and proprietary analytics to structure bonds for issuances, including principal protected bonds. The Company’s goal is to deliver long-term value and profitability to shareholders by growing the Company’s professional services business and asset base, resulting in the ability to pay dividends to its shareholders. During the latter part of the year ended March 31, 2021, the Company began working closely with bond placement agents and aggregators to establish various aspects of a proprietary, investment grade bond offering. In this arrangement, the Company participates as the sole originator in the role of structuring and advising on the structure of the proprietary bond instrument. Included in the role of structuring financial assets, the Company uses proprietary analytics to establish the makeup of the rated instrument, including but not limited to, life settlement assets (life insurance policies) and managed cash, and implements a process of selective assembly of the underlying assets and cash management that will meet the policy requirements and analytics. The Company provides current and ongoing resources for all analytics, as well as advisement support for the investment and non-investment grade ratings for the managed asset pool and the managed cash accounts. In its advisory role, the Company is reimbursed for all expenses associated with the structuring and preparation of any bond offering, will receive an advisory payment upon the closing of any bond offering, and then will hold residual rights on the balance of assets once the bond is retired. On January 1, 2022, the Company entered into a marketing and consulting agreement with Tradability, LLC (“Consultant”) that requires the Company to make an initial $ 100,000 400,000 400,000 1,000,000 10,000,000 1.00 2.50 500 100 500 SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2022 and 2021 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Estimates Cash and Cash Equivalents Basic and Diluted Net Loss Per Common Share , Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the periods presented using the treasury stock method. Diluted net loss per common share is computed by including common shares that may be issued subject to existing rights with dilutive potential, when applicable. Potential dilutive common stock equivalents are primarily comprised of potential dilutive shares resulting from convertible debt agreements and common stock warrants. Potentially dilutive shares resulting from convertible debt agreements are evaluated using the if-converted method. Potentially dilutive securities are not included in the calculation of diluted net loss per share for the years ended March 31, 2022 and 2021, because to do so would be anti-dilutive. Potentially dilutive securities outstanding as of March 31, 2022 and 2021 include warrants convertible into 7,520,241 and 3,488,754 shares of common stock, respectively. Stock Based Compensation and Financing Costs Income Taxes The tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not of being sustained if the position were to be challenged by a taxing authority. The Company has examined the tax positions taken in its tax returns and determined that there are no uncertain tax positions. As a result, the Company has recorded no uncertain tax liabilities in its balance sheet. Interest and penalties for uncertain positions, when applicable, would be recognized as a component of income tax expense. The Company files United States Federal and State income tax returns. The income tax returns of the Company are subject to examination by taxing authorities for three to five years from the date they are filed. The Company has tax returns subject to examination for 2016-2021. Principles of Consolidation Fair Value SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2022 and 2021 Those levels of input are summarized as follows: ● Level 1: Quoted prices in active markets for identical assets and liabilities. ● Level 2: Observable inputs other than Level 1 quoted prices, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. ● Level 3: Unobservable inputs that are supported by little or no market activity. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company did not have any transfers of assets and liabilities between Levels 1, 2 and 3 of the fair value measurement hierarchy during the years ended March 31, 2022 and 2021. The Company’s recorded values of cash and cash equivalents, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded values of the Notes Payable, Related Parties and Convertible Debenture approximates the fair values as the interest rate approximates market interest rates. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | (3) NEW ACCOUNTING PRONOUNCEMENTS The Company has reviewed all other recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | (4) CASH AND CASH EQUIVALENTS Cash and cash equivalents consist principally of currency on hand and demand deposits at commercial banks. The Company had $ 267,966 21,179 250,000 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | (5) STOCKHOLDERS’ EQUITY Common Stock On October 29, 2021, the Company issued a private placement memorandum offering to raise up to $ 500,000 0.001 100,000 5 500,000 5 five 500,000 On May 4, 2021, the Company issued 1,200,000 shares of the Company’s common stock to members of the Board of Directors in lieu of cash compensation. The stock awards vested 25 % on the date of grant and the remainder of the shares vested equally over the three months following the date granted. Using a fair value stock price of $ 0.062 per share, the transaction resulted in a compensation expense of $ 73,920 . During August 2020, the Company awarded members of the Board of Directors a total of 1,500,000 25% 100% 0.0223 33,450 On October 5, 2020, the Company granted one of its consultants 280,000 0.0223 6,244 On November 10, 2020, the Company issued a private placement memorandum offering to raise up to $ 1,000,000 0.001 500,000 1 500,000 Effective December 6, 2018, three existing stockholders have contributed to the Company a portion of their common shares held at a repurchase price to the Company of $ 0.05 8,000,000 400,000 SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2022 and 2021 Warrants to Purchase Common Stock The following table summarizes the changes in warrants outstanding of the Company during years ended March 31, 2022 and 2021: SCHEDULE OF WARRANT OUTSTANDING Number of Warrants Weighted Average Outstanding at March 31, 2020 1,702,000 $ 0.05 Granted 1,786,754 0.05 Outstanding at March 31, 2021 3,488,754 0.05 Granted 3,761,487 0.99 Outstanding at March 31, 2022 7,250,241 $ 0.54 The Company’s related party lenders consist of: the Chairman of the Board of Directors and a stockholder, Radiant Life, LLC and Mr. Dickman, a board member and stockholder. These holders of the related party unsecured promissory notes, hold agreements that provide each related party with common stock warrants upon the lender’s extension of a maturity due date or upon the loaning of additional monies. The number of warrants issued for an extension is based on the following formula: 10,000 warrants per month the due date is extended plus 1 warrant for every $2 of the principal balance outstanding (not including interest) at the time of the extension (rounded to the nearest whole warrant) 0.05 5 On February 5, 2022, the Company issued 649,754 warrants to Radiant Life, LLC, 653,150 warrants to the Chairman of the Board of Directors and a stockholder and 488,583 warrants to Mr. Dickman in conjunction with various extensions of maturity dates during the period (see Note 7) per the terms outlined above. The exercise price of these warrants was $ 0.05 . The value of the warrants on the date of grant, as calculated by the Black-Scholes-Merton valuation model, was $ 1,840,149 . The inputs used in this calculation included a fair value of the underlying common stock of $ 1.049 per share, a risk-free of 1.76 %, volatility of 131.78 % and a dividend rate of 0 %. Subsequent to March 31, 2022, the exercise price was adjusted from $ 0.05 to $ 1.05 , which was the estimated fair market value of the common stock on the grant date (see Note 11). On January 5, 2022, the Company issued 200,000 0.05 The value of the warrants on the date of grant, as calculated by the Black-Scholes-Merton valuation model, was $ 205,393 1.049 1.43 131.78 0 40,211 10,389 29,822 0.05 1.05 Between August 1, 2021 and September 16, 2021, the Company issued 200,000 20,000 0.05 The value of the warrants on the date of grant, as calculated by the Black-Scholes-Merton valuation model, was not significant. The inputs used in this calculation included a fair value of $ 0.062 0.81 0.84 41.97 42.01 0 SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2022 and 2021 As mentioned above, on October 29, 2021, the Company issued a private placement memorandum offering to raise up to $ 500,000 0.001 100,000 5 500,000 5 five On July 29, 2021, the Company borrowed an additional $ 50,000 50,000 2.00 5 The value of the warrants on the date of grant, as calculated by the Black-Scholes-Merton valuation model, was not significant. The inputs used in this calculation included a fair value of the underlying common stock of $ 0.062 0.66 42.14 0 On April 6, 2021, the Company borrowed $ 300,000 unsecured promissory note with Satco International, Ltd. (see Note 6). In conjunction with this note, the Company issued warrants exercisable into 1,000,000 1.00 three 0.062 0.35 50.3 0 On October 1, 2020, the related party, note payable and line of credit agreement with Radiant Life, LLC, was amended to extend the due date from August 31, 2021 to November 30, 2022 or at the immediate time when alternative financing or other proceeds are received. As per the provision in place, and in conjunction with the extension of the due date of the agreement, the Company also agreed to provide the Radiant Life, LLC with warrants for 579,754 0.05 5 0.0223 0.27 27 0 From April 3, 2020 to October 27, 2020, in the Company issued warrants for 527,600 263,800 Chairman of the Board of Directors and a stockholder, and an additional 679,400 0.05 a 5 of $ 0.0223 0.23 0.39 41.6 123.85 0 The following table summarizes the warrants issued and outstanding as of March 31, 2022: SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING Exercise Warrants Warrants Weighted Average Proceeds to Company 0.05 5,700,241 5,700,241 3.68 $ 285,013 1.00 1,000,000 1,000,000 2.02 1,000,000 2.00 50,000 50,000 4.35 100,000 5.00 500,000 500,000 4.82 2,500,000 7,250,241 7,250,241 $ 3,885,013 The shares of common stock issuable upon exercise of the warrants are not registered with the Securities and Exchange Commission and the holders of the warrants do not have registration rights with respect to the warrants or the underlying shares of common stock. |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | (6) NOTES PAYABLE On April 6, 2021, the Company borrowed $ 300,000 under an unsecured promissory note with Satco International, Ltd. 8 % annually and was due January 6, 2022 . In conjunction with this note, the Company issued warrants for 1,000,000 1.00 3 unsecured promissory note with Satco International, Ltd. was amended to extend the due date from January 6, 2022 to April 6, 2022 , or at the immediate time when alternative financing or other proceeds are received. This extension has no bearing on the warrants that were issued in conjunction with the original promissory note. This note is separate from the 8 % convertible debenture agreement that the Company has in place with Satco International, Ltd. (see note 7). As of March 31, 2022 accrued interest on the note totaled $ 23,605 . SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2022 and 2021 |
NOTES PAYABLE, RELATED PARTY
NOTES PAYABLE, RELATED PARTY | 12 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE, RELATED PARTY | (7) NOTES PAYABLE, RELATED PARTY As of March 31, 2022 and 2021, the Company had borrowed $ 3,001,808 2,741,808 767,358 513,665 Related Party Promissory Notes As of both March 31, 2022 and 2021, the Company owed $ 826,000 8 On February 10, 2022, the notes were amended to extend the due date from November 30, 2021 to October 31, 2022, or at the immediate time when alternative financing or other proceeds are received. 488,583 222,810 On July 29, 2021, the Company entered into an unsecured promissory note agreement with Radiant Life, LLC. This agreement was in conjunction with the Company borrowing $ 50,000 8 July 29, 2022 50,000 2.00 5 2,758 Related Party Note Payable and Line of Credit Agreements As of March 31, 2022 1,066,300 1,056,300 On February 7, 2022, the related party note payable and line of credit agreement was amended to extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. March 31, 2022 4,600,000 March 31, 2022, 10,000 7.5 March 31, 2022 222,180 10,000 673,150 0.05 5 2,380,150 As of March 31, 2022 and 2021, the Company owed $ 1,059,508 859,508 2,130,000 On February 7, 2022, the related party note payable and line of credit agreement was amended to extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. 7.5 200,000 319,610 200,000 1,099,754 5 50,000 2.00 0.05 1,679,508 SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2022 and 2021 |
CONVERTIBLE DEBENTURE AGREEMENT
CONVERTIBLE DEBENTURE AGREEMENT | 12 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBENTURE AGREEMENT | (8) CONVERTIBLE DEBENTURE AGREEMENT The Company has entered into an 8% convertible debenture agreement with Satco International, Ltd., that allows for borrowings of up to $ 3,000,000 Per the agreement, the number of shares issuable at conversion shall be determined by the quotient obtained by dividing the outstanding principal and accrued and unpaid interest by 90% of the 90-day average closing price of the Company’s common stock from the date the notice of conversion is received; and the price at which the Debenture may be converted will be no lower than $ 1.00 June 2, 2016 January 6, 2022 As of March 31, 2022 and March 31, 2021, the Company owed $ 0 124,225 |
LIQUIDITY REQUIREMENTS
LIQUIDITY REQUIREMENTS | 12 Months Ended |
Mar. 31, 2022 | |
Liquidity Requirements | |
LIQUIDITY REQUIREMENTS | (9) LIQUIDITY REQUIREMENTS Since the Company’s inception on January 31, 2013, its operations have been primarily financed through sales of equity, debt financing from related parties and the issuance of notes payable and convertible debentures. As of March 31, 2022, the Company had $ 267,966 of cash assets, compared to $ 21,179 as of March 31, 2021. As of March 31, 2022, the Company had access to draw an additional $ 4,604,192 on the notes payable, related party (see Note 7) and $ 3,000,000 on the Convertible Debenture Agreement (See Note 7). For the year ended March 31, 2022, the Company’s average monthly operating expenses were approximately $ 75,000 , which includes salaries of our employees, consulting agreements and contract labor, general and administrative expenses and legal and accounting expenses. The Company anticipates the average monthly expenses of $ 75,000 to decrease by approximately $ 10,000 over the next 12 months, resulting in ongoing, average monthly expenses of approximately $ 65,000 . In addition to the monthly operating expenses, the Company continues to pursue other debt and equity financing opportunities, and as a result, financing expenses of $ 197,761 and $ 422,751 were incurred during the years ended March 31, 2022, and 2021, respectively. As management continues to explore additional financing alternatives, beginning April 1, 2022 the Company is expected to spend up to an additional $ 400,000 on these efforts. Outstanding Accounts Payable as of March 31, 2022 totaled $ 580,972 . Management has concluded that its existing capital resources and availability under its existing convertible debentures and debt agreements with related parties will be sufficient to fund its operating working capital requirements for at least the next 12 months, or through June 2022. Related parties have given assurance that their continued support, by way of either extensions of due dates, or increases in lines-of-credit, can be relied on. As mentioned above, the Company also continues to evaluate other debt and equity financing opportunities. The recent outbreak of COVID-19 originated in Wuhan, China, in December 2019 and has since spread to multiple countries, including the United States and several European countries. On March 11, 2020, the World Health Organization declared the outbreak a pandemic. The COVID-19 pandemic is affecting the United States and global economies and may affect the Company’s operations and those of third parties on which the Company relies. While the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, the impact of the COVID-19 pandemic on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact the Company’s short-term and long-term liquidity. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. The Company does not yet know the full extent of potential delays or impacts on its business, financing or other activities or on healthcare systems or the global economy as a whole. However, these effects could have a material impact on the Company’s liquidity, capital resources, operations and business and those of the third parties on which we rely. The accompanying financial statements have been prepared on a going concern basis under which the Company is expected to be able to realize its assets and satisfy its liabilities in the normal course of business. SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2022 and 2021 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (10) INCOME TAXES The Company provides for income taxes under ASC 740, Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. The Company recorded $ 4,149 0 The income tax provision differs from the amount of income tax determined by applying the U.S. federal tax rate of 21% to pretax income from continuing operations for the years ended March 31, 2022 and 2021, due to the following: SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) 2022 2021 Income tax benefit at U. S. federal statutory rates: $ (579,797 ) $ (321,209 ) State tax, net of federal benefit (103,817 ) (59,814 ) Change in valuation allowance 215,724 374,407 Other 3,632 - Income Tax $ 4,149 $ - The tax effects of significant items comprising the Company’s net deferred taxes as of March 31, 2022 and 2021 were as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2022 2021 Deferred Tax assets: Net operating loss carry forwards $ 7,164,235 $ 6,948,511 Stock and warrant compensation 479,708 479,708 Valuation allowance (7,643,943 ) (7,428,219 ) Net deferred tax asset $ - $ - The Company assesses the need for a valuation allowance against its deferred income tax assets at March 31, 2022. Factors considered in this assessment include recent and expected future earnings and the Company’s liquidity and equity positions. The Company has placed a 100% valuation allowance on the deferred tax assets. The deferred tax assets primarily relate to net operating loss carryforwards. As of March 31, 2022, the Company has U.S. federal net operating loss carryforwards of $ 28,812,816 expire in 2023 Under FASB ASC 740-10-05-6, tax benefits are recognized only for the tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent The Company had no no |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | (11) SUBSEQUENT EVENTS Subsequent to year end, the following events transpired: On June 20, 2022, the Company amended the agreements with the related party lenders to adjust the exercise price of the warrants issued in conjunction with extensions of due dates and new monies lent on the outstanding notes payable, related parties (see Note 5 and Note 7). The original agreements stated that the exercise price of the warrants issued was $ 0.05 0.05 1.05 0.05 1.05 On June 15, 2022 the unsecured promissory note with Satco International, Ltd. (see Note 5) was amended to extend the due date from April 6, 2022 to July 6, 2022 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Estimates | Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Basic and Diluted Net Loss Per Common Share | Basic and Diluted Net Loss Per Common Share , Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the periods presented using the treasury stock method. Diluted net loss per common share is computed by including common shares that may be issued subject to existing rights with dilutive potential, when applicable. Potential dilutive common stock equivalents are primarily comprised of potential dilutive shares resulting from convertible debt agreements and common stock warrants. Potentially dilutive shares resulting from convertible debt agreements are evaluated using the if-converted method. Potentially dilutive securities are not included in the calculation of diluted net loss per share for the years ended March 31, 2022 and 2021, because to do so would be anti-dilutive. Potentially dilutive securities outstanding as of March 31, 2022 and 2021 include warrants convertible into 7,520,241 and 3,488,754 shares of common stock, respectively. |
Stock Based Compensation and Financing Costs | Stock Based Compensation and Financing Costs |
Income Taxes | Income Taxes The tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not of being sustained if the position were to be challenged by a taxing authority. The Company has examined the tax positions taken in its tax returns and determined that there are no uncertain tax positions. As a result, the Company has recorded no uncertain tax liabilities in its balance sheet. Interest and penalties for uncertain positions, when applicable, would be recognized as a component of income tax expense. The Company files United States Federal and State income tax returns. The income tax returns of the Company are subject to examination by taxing authorities for three to five years from the date they are filed. The Company has tax returns subject to examination for 2016-2021. |
Principles of Consolidation | Principles of Consolidation |
Fair Value | Fair Value SUNDANCE STRATEGIES, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2022 and 2021 Those levels of input are summarized as follows: ● Level 1: Quoted prices in active markets for identical assets and liabilities. ● Level 2: Observable inputs other than Level 1 quoted prices, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. ● Level 3: Unobservable inputs that are supported by little or no market activity. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company did not have any transfers of assets and liabilities between Levels 1, 2 and 3 of the fair value measurement hierarchy during the years ended March 31, 2022 and 2021. The Company’s recorded values of cash and cash equivalents, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded values of the Notes Payable, Related Parties and Convertible Debenture approximates the fair values as the interest rate approximates market interest rates. |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
SCHEDULE OF WARRANT OUTSTANDING | The following table summarizes the changes in warrants outstanding of the Company during years ended March 31, 2022 and 2021: SCHEDULE OF WARRANT OUTSTANDING Number of Warrants Weighted Average Outstanding at March 31, 2020 1,702,000 $ 0.05 Granted 1,786,754 0.05 Outstanding at March 31, 2021 3,488,754 0.05 Granted 3,761,487 0.99 Outstanding at March 31, 2022 7,250,241 $ 0.54 |
SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING | The following table summarizes the warrants issued and outstanding as of March 31, 2022: SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING Exercise Warrants Warrants Weighted Average Proceeds to Company 0.05 5,700,241 5,700,241 3.68 $ 285,013 1.00 1,000,000 1,000,000 2.02 1,000,000 2.00 50,000 50,000 4.35 100,000 5.00 500,000 500,000 4.82 2,500,000 7,250,241 7,250,241 $ 3,885,013 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) | SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) 2022 2021 Income tax benefit at U. S. federal statutory rates: $ (579,797 ) $ (321,209 ) State tax, net of federal benefit (103,817 ) (59,814 ) Change in valuation allowance 215,724 374,407 Other 3,632 - Income Tax $ 4,149 $ - |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The tax effects of significant items comprising the Company’s net deferred taxes as of March 31, 2022 and 2021 were as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2022 2021 Deferred Tax assets: Net operating loss carry forwards $ 7,164,235 $ 6,948,511 Stock and warrant compensation 479,708 479,708 Valuation allowance (7,643,943 ) (7,428,219 ) Net deferred tax asset $ - $ - |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) - Consulting Agreement [Member] $ / shares in Units, Integer in Millions | Jan. 02, 2022 USD ($) Integer $ / shares shares |
Property, Plant and Equipment [Line Items] | |
Payments to acquire loans held-for-investment | $ 100,000 |
Proceeds from issuance of upon contingent milestones | 400,000 |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Repayment of related party debt | $ 400,000 |
Stock option granted | shares | 10,000,000 |
Share based compensation exercise price per share | $ / shares | $ 2.50 |
Proceeds from non fungible token | $ 500,000,000 |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Stock option granted | shares | 1,000,000 |
Share based compensation exercise price per share | $ / shares | $ 1 |
Number of milestone non fungible | Integer | 500 |
Proceeds from non fungible token | $ 100,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,520,241 | 3,488,754 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details Narrative) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 267,966 | $ 21,179 |
FDIC insured amount | $ 250,000 |
SCHEDULE OF WARRANT OUTSTANDING
SCHEDULE OF WARRANT OUTSTANDING (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants Outstanding, Ending Balance | 7,250,241 | |
Warrant [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants Outstanding, Beginning Balance | 3,488,754 | 1,702,000 |
Weighted Average Exercise Price, Beginning Balance | $ 0.05 | $ 0.05 |
Number of Warrants, Granted | 3,761,487 | 1,786,754 |
Weighted Average Exercise Price, Granted | $ 0.99 | $ 0.05 |
Number of Warrants Outstanding, Ending Balance | 7,250,241 | 3,488,754 |
Weighted Average Exercise Price, Ending Balance | $ 0.54 | $ 0.05 |
SCHEDULE OF WARRANTS ISSUED AND
SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING (Details) | 12 Months Ended |
Mar. 31, 2022 USD ($) $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Outstanding | 7,250,241 |
Warrants Exercisable | 7,250,241 |
Proceeds from Warrant Exercised | $ | $ 3,885,013 |
Exercise Price One [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 0.05 |
Warrant Outstanding | 5,700,241 |
Warrants Exercisable | 5,700,241 |
Weighted Average Remaining Contractual Life (Years) | 3 years 8 months 4 days |
Proceeds from Warrant Exercised | $ | $ 285,013 |
Exercise Price Two [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 1 |
Warrant Outstanding | 1,000,000 |
Warrants Exercisable | 1,000,000 |
Weighted Average Remaining Contractual Life (Years) | 2 years 7 days |
Proceeds from Warrant Exercised | $ | $ 1,000,000 |
Exercise Price Three [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 2 |
Warrant Outstanding | 50,000 |
Warrants Exercisable | 50,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 4 months 6 days |
Proceeds from Warrant Exercised | $ | $ 100,000 |
Exercise Price Four [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 5 |
Warrant Outstanding | 500,000 |
Warrants Exercisable | 500,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 9 months 25 days |
Proceeds from Warrant Exercised | $ | $ 2,500,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 5 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 05, 2022 | Oct. 29, 2021 | Jul. 29, 2021 | May 04, 2021 | Nov. 10, 2020 | Oct. 05, 2020 | Oct. 01, 2020 | Dec. 06, 2018 | Aug. 31, 2020 | Sep. 16, 2021 | Mar. 28, 2022 | Oct. 27, 2020 | Dec. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 24, 2022 | Jun. 20, 2022 | Feb. 07, 2022 | Feb. 05, 2022 | Apr. 06, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||||||||||||
Proceeds from issuance of common stock | $ 500,000 | $ 500,000 | ||||||||||||||||||
Share Price | $ 1.049 | |||||||||||||||||||
Share-Based Payment Arrangement, Noncash Expense | $ 73,920 | 39,694 | ||||||||||||||||||
Fair value assumptions, risk free interest rate | 1.43% | |||||||||||||||||||
Fair value assumptions, volatility rate | 131.78% | |||||||||||||||||||
Fair value assumptions, dividend rate | 0% | |||||||||||||||||||
Debt issuance costs | $ 40,211 | |||||||||||||||||||
Amortization of debt discount | 10,389 | $ 10,389 | ||||||||||||||||||
Debt Instrument, Unamortized Discount | $ 29,822 | |||||||||||||||||||
Stock issued during period, value | $ 500,000 | |||||||||||||||||||
Unsecured Promissory Note [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrants exercisable | 1,000,000 | |||||||||||||||||||
Warrant exercise price per share | $ 1 | |||||||||||||||||||
Warrant term | 3 years | |||||||||||||||||||
Issuance of warrants | 1,000,000 | |||||||||||||||||||
Notes Payable | $ 50,000 | $ 300,000 | ||||||||||||||||||
Warrant exercisable price per share | $ 1 | |||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrant exercise price per share | $ 0.05 | |||||||||||||||||||
Valuation Technique, Option Pricing Model [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrants and Rights Outstanding | $ 205,393 | |||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Issuance of warrants | 50,000 | |||||||||||||||||||
Radiant Life LLC [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrant exercise price per share | $ 0.05 | $ 2 | $ 0.05 | |||||||||||||||||
Warrant term | 5 years | 5 years | ||||||||||||||||||
Share Price | $ 0.0223 | |||||||||||||||||||
Issuance of warrants | 200,000 | 50,000 | 579,754 | |||||||||||||||||
Fair value assumptions, risk free interest rate | 0.27% | |||||||||||||||||||
Fair value assumptions, volatility rate | 27% | |||||||||||||||||||
Fair value assumptions, dividend rate | 0% | |||||||||||||||||||
Radiant Life LLC [Member] | Maximum [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrant exercise price per share | $ 1.05 | |||||||||||||||||||
Radiant Life LLC [Member] | Minimum [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrant exercise price per share | 0.05 | |||||||||||||||||||
Radiant Life LLC [Member] | Warrant [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Issuance of warrants | 200,000 | 1,099,754 | 649,754 | |||||||||||||||||
Radian Life LLC [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrant exercise price per share | $ 2 | $ 0.05 | ||||||||||||||||||
Warrant term | 5 years | 5 years | ||||||||||||||||||
Share Price | $ 0.062 | |||||||||||||||||||
Issuance of warrants | 50,000 | |||||||||||||||||||
Fair value assumptions, risk free interest rate | 0.66% | |||||||||||||||||||
Fair value assumptions, volatility rate | 42.14% | |||||||||||||||||||
Fair value assumptions, dividend rate | 0% | |||||||||||||||||||
Due from Related Parties | $ 50,000 | |||||||||||||||||||
Director [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture | 1,200,000 | 1,500,000 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | 25% | 100% | |||||||||||||||||
Share Price | $ 0.062 | $ 0.0223 | ||||||||||||||||||
Share-Based Payment Arrangement, Noncash Expense | $ 73,920 | $ 33,450 | ||||||||||||||||||
Consultants [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture | 280,000 | |||||||||||||||||||
Share Price | $ 0.0223 | |||||||||||||||||||
Consulting expense | $ 6,244 | |||||||||||||||||||
Three Existing Shareholders [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Stock repurchase, price per share | $ 0.05 | |||||||||||||||||||
Number of shares cancelled/retired | 8,000,000 | |||||||||||||||||||
Number of stock value repurchased | $ 400,000 | |||||||||||||||||||
Board of Directors [Member] | Warrant [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Issuance of warrants | 653,150 | |||||||||||||||||||
Board of Directors [Member] | Radiant Life LLC [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrant exercise price per share | $ 0.05 | |||||||||||||||||||
Issuance of warrants | 20,000 | |||||||||||||||||||
Mr. Dickman [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrant exercise price per share | $ 0.05 | |||||||||||||||||||
Share Price | $ 0.062 | $ 1.049 | ||||||||||||||||||
Fair value assumptions, dividend rate | 0% | 0% | ||||||||||||||||||
Mr. Dickman [Member] | Maximum [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Fair value assumptions, risk free interest rate | 0.84% | 1.76% | ||||||||||||||||||
Fair value assumptions, volatility rate | 42.01% | 131.78% | ||||||||||||||||||
Mr. Dickman [Member] | Maximum [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrant exercise price per share | 1.05 | |||||||||||||||||||
Mr. Dickman [Member] | Minimum [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Fair value assumptions, risk free interest rate | 0.81% | |||||||||||||||||||
Fair value assumptions, volatility rate | 41.97% | |||||||||||||||||||
Mr. Dickman [Member] | Minimum [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrant exercise price per share | $ 0.05 | |||||||||||||||||||
Mr. Dickman [Member] | Valuation Technique, Option Pricing Model [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrants and Rights Outstanding | $ 1,840,149 | |||||||||||||||||||
Mr. Dickman [Member] | Warrant [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Issuance of warrants | 488,583 | |||||||||||||||||||
Mr. Dickman [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Share Price | $ 0.062 | |||||||||||||||||||
Fair value assumptions, risk free interest rate | 0.35% | |||||||||||||||||||
Fair value assumptions, volatility rate | 50.30% | |||||||||||||||||||
Fair value assumptions, dividend rate | 0% | |||||||||||||||||||
Board of Directors Chairman [Member] | Warrant [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Number of shares issued | 527,600 | |||||||||||||||||||
Warrant exercise price per share | $ 0.05 | |||||||||||||||||||
Warrant term | 5 years | |||||||||||||||||||
Share Price | $ 0.0223 | |||||||||||||||||||
Fair value assumptions, dividend rate | 0% | |||||||||||||||||||
Stock issued during period, value | $ 263,800 | |||||||||||||||||||
Number of addtional shares isssued | 679,400 | |||||||||||||||||||
Fair value assumptions, risk free interest rate, minimum | 0.23% | |||||||||||||||||||
Fair value assumptions, risk free interest rate, maximum | 0.39% | |||||||||||||||||||
Fair value assumptions, volatility rate, minimum | 41.60% | |||||||||||||||||||
Fair value assumptions, volatility rate, maximum | 123.85% | |||||||||||||||||||
Subscription Agreements [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Number of shares issued | 100,000 | 500,000 | ||||||||||||||||||
Purchase price per shares | $ 5 | $ 1 | ||||||||||||||||||
Warrants exercisable | 500,000 | |||||||||||||||||||
Warrant exercise price per share | $ 5 | |||||||||||||||||||
Warrant term | 5 years | |||||||||||||||||||
Proceeds from issuance of common stock | $ 500,000 | $ 500,000 | ||||||||||||||||||
Subscription Agreements [Member] | Investor [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Number of shares issued | 100,000 | |||||||||||||||||||
Purchase price per shares | $ 5 | |||||||||||||||||||
Warrants exercisable | 500,000 | |||||||||||||||||||
Warrant exercise price per share | $ 5 | |||||||||||||||||||
Warrant term | 5 years | |||||||||||||||||||
Notes Payable and Lines of Credit Agree [Member] | Radiant Life LLC [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Warrant or right, reason for issuance, description | The number of warrants issued for an extension is based on the following formula: 10,000 warrants per month the due date is extended plus 1 warrant for every $2 of the principal balance outstanding (not including interest) at the time of the extension (rounded to the nearest whole warrant) | |||||||||||||||||||
Restricted Stock [Member] | Private Placement Offering [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Issuance of restricted shares | $ 500,000 | $ 1,000,000 | ||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jul. 29, 2021 | Apr. 06, 2021 | Jun. 24, 2022 | Mar. 31, 2022 | Jun. 20, 2022 | |
Short-Term Debt [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||
Interest Payable | $ 222,810 | ||||
8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt Instrument, Maturity Date | Jun. 02, 2016 | ||||
Subsequent Event [Member] | |||||
Short-Term Debt [Line Items] | |||||
Warrant exercisable price per share | $ 0.05 | ||||
Subsequent Event [Member] | 8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt Instrument, Maturity Date, Description | January 6, 2022 to April 6, 2022 | ||||
Unsecured Promissory Note [Member] | |||||
Short-Term Debt [Line Items] | |||||
Notes Payable | $ 50,000 | $ 300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8% | 8% | |||
Debt Instrument, Maturity Date | Jul. 29, 2022 | Jan. 06, 2022 | |||
Issuance of warrants | 1,000,000 | ||||
Warrant exercisable price per share | $ 1 | ||||
Warrants expiration term | 3 years | ||||
Interest Payable | $ 23,605 |
NOTES PAYABLE, RELATED PARTY (D
NOTES PAYABLE, RELATED PARTY (Details Narrative) - USD ($) | 12 Months Ended | ||||||||
Feb. 10, 2022 | Jul. 29, 2021 | Apr. 06, 2021 | Mar. 31, 2022 | Feb. 05, 2022 | Jan. 05, 2022 | Sep. 16, 2021 | Mar. 31, 2021 | Oct. 01, 2020 | |
Short-Term Debt [Line Items] | |||||||||
Notes payable, related parties | $ 3,001,808 | $ 2,741,808 | |||||||
Accrued interest | 124,225 | 124,225 | |||||||
Debt instrument interest rate | 8% | ||||||||
Accrued interest | $ 222,810 | ||||||||
Warrant [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 50,000 | ||||||||
Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable, related parties | $ 1,066,300 | 1,056,300 | |||||||
Warrant exercise price per share | $ 2 | ||||||||
Warrant term | 5 years | ||||||||
Stock repurchase, price per share | $ 0.05 | ||||||||
Notes Payable and Lines of Credit Agreement [Member] | Maximum [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | $ 4,600,000 | ||||||||
Notes Payable and Lines of Credit Agreement [Member] | Extended Maturity [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Maturity date description | On February 7, 2022, the related party note payable and line of credit agreement was amended to extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. | ||||||||
Line of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 2,380,150 | ||||||||
Warrant exercise price per share | $ 0.05 | ||||||||
Repayments of related party debt | $ 10,000 | ||||||||
Line of Credit [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | $ 10,000 | ||||||||
Radiant Life LLC [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 50,000 | 200,000 | 579,754 | ||||||
Warrant exercise price per share | $ 2 | $ 0.05 | $ 0.05 | ||||||
Warrant term | 5 years | 5 years | |||||||
Radiant Life LLC [Member] | Warrant [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 1,099,754 | 649,754 | 200,000 | ||||||
Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable, related parties | $ 1,059,508 | 859,508 | |||||||
Debt instrument interest rate | 7.50% | ||||||||
Notes payable | $ 200,000 | ||||||||
Amount borrowed | $ 200,000 | ||||||||
Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | The Company's NIBS [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Debt instrument interest rate | 7.50% | ||||||||
Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | Maximum [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable | $ 2,130,000 | ||||||||
Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | Extended Maturity [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Maturity date description | On February 7, 2022, the related party note payable and line of credit agreement was amended to extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. | ||||||||
Radian Life LLC [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 50,000 | ||||||||
Warrant exercise price per share | $ 2 | $ 0.05 | |||||||
Warrant term | 5 years | 5 years | |||||||
Radian Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Accrued interest | $ 222,180 | ||||||||
The Company's NIBS [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Accrued interest | $ 319,610 | ||||||||
Warrant term | 5 years | ||||||||
Unsecured Promissory Note [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Debt instrument interest rate | 8% | 8% | |||||||
Accrued interest | $ 23,605 | ||||||||
Notes payable | $ 50,000 | $ 300,000 | |||||||
Debt maturity date | Jul. 29, 2022 | Jan. 06, 2022 | |||||||
Issuance of warrants | 1,000,000 | ||||||||
Warrant exercise price per share | $ 1 | ||||||||
Warrant term | 3 years | ||||||||
Unsecured Note Payable [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Interest received | 2,758 | ||||||||
Related Party [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Accrued interest | 767,358 | 513,665 | |||||||
Mr. Glenn S. Dickman [Member] | Unsecured Promissory Note [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Notes payable, related parties | $ 826,000 | $ 826,000 | |||||||
Debt instrument interest rate | 8% | ||||||||
Maturity date description | On February 10, 2022, the notes were amended to extend the due date from November 30, 2021 to October 31, 2022, or at the immediate time when alternative financing or other proceeds are received. | ||||||||
Common stock warrant | 488,583 | ||||||||
Related Party Lender [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 673,150 | ||||||||
Lender [Member] | |||||||||
Short-Term Debt [Line Items] | |||||||||
Issuance of warrants | 1,679,508 |
CONVERTIBLE DEBENTURE AGREEME_2
CONVERTIBLE DEBENTURE AGREEMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Amount payable | $ 0 | $ 0 |
Accrued interest | $ 124,225 | $ 124,225 |
8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | ||
Debt Instrument [Line Items] | ||
Description of convertible terms of conversion | Per the agreement, the number of shares issuable at conversion shall be determined by the quotient obtained by dividing the outstanding principal and accrued and unpaid interest by 90% of the 90-day average closing price of the Company’s common stock from the date the notice of conversion is received; and the price at which the Debenture may be converted will be no lower than $1.00 per share. | |
Debt convertible conversion price per share | $ 1 | |
Debt maturity date | Jun. 02, 2016 | |
8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | Extended Maturity [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity date | Jan. 06, 2022 | |
8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt borrowing amount | $ 3,000,000 |
LIQUIDITY REQUIREMENTS (Details
LIQUIDITY REQUIREMENTS (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash | $ 267,966 | $ 21,179 | |
Additional borrowing capacity from related party notes payable | 4,604,192 | ||
Additional borrowing capacity from convertible debenture | 3,000,000 | ||
Operating Expenses | 75,000 | ||
Financing Interest Expense | 197,761 | $ 422,751 | |
Additional financing alternatives | 400,000 | ||
Accounts Payable | $ 580,972 | ||
Forecast [Member] | |||
Operating Expenses | $ 65,000 | ||
Estimated operating expenses | 75,000 | ||
Increase decrease in operating expense | $ 10,000 |
SCHEDULE OF COMPONENTS OF INCOM
SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit at U. S. federal statutory rates: | $ (579,797) | $ (321,209) |
State tax, net of federal benefit | (103,817) | (59,814) |
Change in valuation allowance | 215,724 | 374,407 |
Other | 3,632 | |
Income Tax | $ 4,149 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | $ 7,164,235 | $ 6,948,511 |
Stock and warrant compensation | 479,708 | 479,708 |
Valuation allowance | (7,643,943) | (7,428,219) |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 4,149 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 100% | |
Operating loss carryforwards | $ 28,812,816 | |
Operating loss carryforwards expiration date, description | expire in 2023 | |
Income tax examination, likelihood of unfavorable settlement | greater than 50 percent | |
Unrecognized tax benefits | $ 0 | |
Unrecognized tax benefits interest and penalties | $ 0 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - $ / shares | Jun. 20, 2022 | Jun. 15, 2022 |
Subsequent Event [Line Items] | ||
Warrant Exercise Price | $ 0.05 | |
Increase in warrants exercise price | 1.05 | |
Satco International, Ltd., [Member] | Unsecured Debt [Member] | ||
Subsequent Event [Line Items] | ||
Maturity date description | April 6, 2022 to July 6, 2022 | |
Lenders [Member] | ||
Subsequent Event [Line Items] | ||
Warrant Exercise Price | 0.05 | |
Lenders [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Warrant Exercise Price | 0.05 | |
Lenders [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Increase in warrants exercise price | $ 1.05 |